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Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-For-Sale Fixed Maturities
Available-for-sale fixed maturities at September 30, 2023 and December 31, 2022 included the following:
September 30, 2023
(In thousands)Amortized
Cost		Allowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Fixed maturities, available-for-sale
U.S. Treasury obligations$261,067 $— $— $23,239 $237,828 
U.S. Government-sponsored enterprise obligations20,354 — — 1,483 18,871 
State and municipal bonds480,277 — 49 44,058 436,268 
Corporate debt1,864,148 — 598 200,768 1,663,978 
Residential mortgage-backed securities470,066 216 333 73,236 396,947 
Agency commercial mortgage-backed securities9,768 — — 1,116 8,652 
Other commercial mortgage-backed securities210,104 151 25 24,169 185,809 
Other asset-backed securities426,450 193 243 19,541 406,959 
$3,742,234 $560 $1,248 $387,610 $3,355,312 
 December 31, 2022
(In thousands)Amortized
Cost		Allowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Fixed maturities, available-for-sale
U.S. Treasury obligations$243,999 $— $8 $22,399 $221,608 
U.S. Government-sponsored enterprise obligations21,562 — — 1,628 19,934 
State and municipal bonds483,584 — 177 44,311 439,450 
Corporate debt1,980,579 — 735 199,862 1,781,452 
Residential mortgage-backed securities450,870 229 555 61,656 389,540 
Agency commercial mortgage-backed securities10,576 — — 872 9,704 
Other commercial mortgage-backed securities217,021 — 63 22,994 194,090 
Other asset-backed securities444,220 198 289 27,617 416,694 
$3,852,411 $427 $1,827 $381,339 $3,472,472 
Schedule of Available-For-Sale Securities by Contractual Maturity
The recorded cost basis and estimated fair value of available-for-sale fixed maturities at September 30, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(In thousands)Amortized
Cost		Due in one
year or less		Due after
one year
through
five years		Due after
five years
through
ten years		Due after
ten years		Total Fair
Value
Fixed maturities, available-for-sale
U.S. Treasury obligations$261,067 $35,570 $166,215 $33,643 $2,400 $237,828 
U.S. Government-sponsored enterprise obligations20,354 5,186 13,199 486 — 18,871 
State and municipal bonds480,277 36,817 150,101 140,152 109,198 436,268 
Corporate debt1,864,148 216,641 830,290 534,892 82,155 1,663,978 
Residential mortgage-backed securities470,066 396,947 
Agency commercial mortgage-backed securities9,768 8,652 
Other commercial mortgage-backed securities210,104 185,809 
Other asset-backed securities426,450 406,959 
$3,742,234 $3,355,312 
Schedule of Investments Held in an Unrealized Loss Position
The following tables provide summarized information with respect to investments held in an unrealized loss position at September 30, 2023 and December 31, 2022, including the length of time the investment had been held in a continuous unrealized loss position.
September 30, 2023
 TotalLess than 12 months12 months or longer
 FairUnrealizedFairUnrealizedFairUnrealized
(In thousands)ValueLossValueLossValueLoss
Fixed maturities, available-for-sale
U.S. Treasury obligations$237,828 $23,239 $53,724 $2,863 $184,104 $20,376 
U.S. Government-sponsored enterprise obligations18,871 1,483 4,311 352 14,560 1,131 
State and municipal bonds417,930 44,058 84,695 4,940 333,235 39,118 
Corporate debt1,600,097 200,768 186,646 12,441 1,413,451 188,327 
Residential mortgage-backed securities370,223 73,236 140,460 17,086 229,763 56,150 
Agency commercial mortgage-backed securities8,652 1,116 821 29 7,831 1,087 
Other commercial mortgage-backed securities183,434 24,169 20,378 1,836 163,056 22,333 
Other asset-backed securities384,747 19,541 82,866 1,319 301,881 18,222 
$3,221,782 $387,610 $573,901 $40,866 $2,647,881 $346,744 

December 31, 2022
 TotalLess than 12 months12 months or longer
 FairUnrealizedFairUnrealizedFairUnrealized
(In thousands)ValueLossValueLossValueLoss
Fixed maturities, available-for-sale
U.S. Treasury obligations$220,991 $22,399 $53,199 $2,393 $167,792 $20,006 
U.S. Government-sponsored enterprise obligations19,934 1,628 8,082 663 11,852 965 
State and municipal bonds421,769 44,311 177,393 12,352 244,376 31,959 
Corporate debt1,708,529 199,862 687,947 42,977 1,020,582 156,885 
Residential mortgage-backed securities363,945 61,656 155,212 15,275 208,733 46,381 
Agency commercial mortgage-backed securities9,704 872 3,086 110 6,618 762 
Other commercial mortgage-backed securities192,359 22,994 53,270 4,087 139,089 18,907 
Other asset-backed securities396,452 27,617 162,192 7,050 234,260 20,567 
$3,333,683 $381,339 $1,300,381 $84,907 $2,033,302 $296,432 
Schedule of a Roll Forward of Cumulative Credit Losses Recorded in Earnings Related to Impaired Debt Securities
The following tables present a roll forward of the allowance for expected credit losses on available-for-sale fixed maturities for the three and nine months ended September 30, 2023 and 2022.
Three Months Ended September 30, 2023
(In thousands)Residential mortgage-backed securitiesOther commercial mortgage-backed securitiesOther asset-backed securitiesTotal
Balance, at July 1, 2023$223 $— $196 $419 
Additional credit losses related to securities for which:
No allowance for credit losses has been previously recognized— 151 — 151 
Reductions related to:
Securities sold during the period(7)— (3)(10)
Balance, at September 30, 2023$216 $151 $193 $560 
Nine Months Ended September 30, 2023
(In thousands)Residential mortgage-backed securitiesOther commercial mortgage-backed securitiesOther asset-backed securitiesTotal
Balance, at December 31, 2022$229 $— $198 $427 
Additional credit losses related to securities for which:
No allowance for credit losses has been previously recognized— 151 — 151 
Reductions related to:
Securities sold during the period(13)— (5)(18)
Balance, at September 30, 2023$216 $151 $193 $560 
Three Months Ended September 30, 2022
(In thousands)Corporate DebtTotal
Balance, at July 1, 2022$553 $553 
Additional credit losses related to securities for which:
No allowance for credit losses has been previously recognized— — 
Balance, at September 30, 2022$553 $553 
Nine Months Ended September 30, 2022
(In thousands)Corporate DebtTotal
Balance, at December 31, 2021$— $— 
Reductions related to:
Securities sold during the period553 553 
Balance, at September 30, 2022$553 $553 
The following table presents a roll forward of cumulative losses recorded in earning related to impaired debt securities for which a portion of the impairment was recorded in OCI.
Three Months Ended
September 30		Nine Months Ended
September 30
(In thousands)2023202220232022
Balance beginning of period$57 $553 $57 $— 
Additional credit losses recognized during the period, related to securities for which:
No impairment has been previously recognized— — — 553 
Balance June 30$57 $553 $57 $553 
Schedule of Other Information Regarding Available-For-Sale Securities
Other information regarding sales and purchases of fixed maturity available-for-sale securities is as follows:
Three Months Ended September 30Nine Months Ended September 30
(In millions)2023202220232022
Proceeds from sales (exclusive of maturities and paydowns)$8.0 $8.9 $31.4 $111.2 
Purchases$127.3 $145.4 $261.5 $486.1 
Schedule of Net Investment Income
Net investment income (loss) by investment category was as follows:
Three Months Ended
September 30		Nine Months Ended
September 30
(In thousands)2023202220232022
Fixed maturities$28,402 $23,725 $83,680 $67,275 
Equities1,158 846 3,070 2,514 
Short-term investments, including Other4,473 1,812 11,857 2,965 
BOLI668 421 1,784 635 
Investment fees and expenses(1,947)(2,059)(5,677)(6,257)
Net investment income$32,754 $24,745 $94,714 $67,132 
Schedule of Investment in Unconsolidated Subsidiaries
ProAssurance's investment in unconsolidated subsidiaries were as follows:
 September 30, 2023Carrying Value
(In thousands)Percentage
Ownership		September 30,
2023		December 31,
2022
Qualified affordable housing project tax credit partnershipsSee below$787 $4,088 
All other investments, primarily investment fund LPs/LLCs
See below296,527 301,122 
$297,314 $305,210 
Schedule of Equity Method Investments The results recorded and tax credits recognized related to ProAssurance's tax credit partnership investments were as follows:
Three Months Ended
September 30		Nine Months Ended
September 30
(In thousands)2023202220232022
Qualified affordable housing project tax credit partnerships
Losses recorded$429 $2,164 $2,294 $7,360 
Tax credits recognized$401 $1,201 $473 $3,604 
Historic tax credit partnership*
Losses (gains) recorded$— $— $— $(961)
*ProAssurance holds a historic tax credit partnership which was fully amortized in 2020. This partnership generated investment returns by providing benefits to partnership investors in the form of tax credits, tax deductible project operating losses and distributions resulting from positive cash flows. ProAssurance received a distribution associated with this investment during the second quarter of 2022 as a result of positive cash flows from a completed project, which was recognized as an operating gain during the second quarter of 2022.
Schedule of Net Realized Investment Gains (Losses)
Realized investment gains and losses are recognized on the first-in, first-out basis. The following table provides detailed information regarding net investment gains (losses):
Three Months Ended
September 30		Nine Months Ended
September 30
(In thousands)2023202220232022
Total impairment losses:
Corporate debt$— $— $(2,984)$(972)
Asset-backed securities(141)— (133)— 
Portion of impairment losses recognized in other comprehensive income before taxes:
Corporate debt— — — 419 
Net impairment losses recognized in earnings
(141)— (3,117)(553)
Gross realized gains, available-for-sale fixed maturities254 142 793 1,594 
Gross realized (losses), available-for-sale fixed maturities(285)(57)(1,509)(2,146)
Net realized gains (losses), trading fixed maturities5 (30)(101)(127)
Net realized gains (losses), equity investments154 — 254 (5,346)
Net realized gains (losses), other investments(683)209 (2,570)99 
Change in unrealized holding gains (losses), trading fixed maturities (71)(100)81 (881)
Change in unrealized holding gains (losses), equity investments(4,578)(6,655)(1,962)(24,063)
Change in unrealized holding gains (losses), convertible securities, carried at fair value (588)(1,443)3,473 (14,502)
Other(1)
3,231 (328)7,814 273 
Net investment gains (losses)$(2,702)$(8,262)$3,156 $(45,652)
(1) Includes gains of $1.5 million and $4.5 million recognized during the 2023 three- and nine-month periods, respectively, reflecting the change in the fair value of contingent consideration issued in connection with the NORCAL acquisition. See further discussion on the contingent consideration in Note 2 and discussion on the Company's accounting policy in Note 1 in its December 31, 2022 report on Form 10-K.